Shares of Tesla Motors Inc.’s fell to a five-week low Wednesday, as they extended the selloff below a widely-watched technical level.

The stock
TSLA, -2.42%
slumped 1.2% in midday trade, and has now lost 20% since it closed at an all-time high of $286.04 on Sept. 4.

The stock is headed for a third-straight close below the 200-day simple moving average, which many chart watchers use to track a stock’s long-term trend. The last time the stock did that was Nov. 2, 2012.

The 200-day SMA currently extended to about $232.18 on Wednesday, according to FactSet.

Some believe the price recent weakness resulted from concerns that a drop in crude oil prices would reduce demand for fuel-efficient vehicles. Since Sept. 4, continuous crude oil futures prices have fallen 29%.

Analyst Trip Chowdry at Global Equities Research said he didn’t believe that was the case. He feels car buyers who are influenced by oil prices are very price sensitive, but those who buy Tesla’s flagship Model S vehicles, which can cost between $70,000 and $100,000, care more about performance and design than price.

“If you’re spending $100,000 on a car, you’re not price sensitive,” Chowdry told MarketWatch. He rates the Tesla’s stock overweight, with a $385 price target, which is 68% above current levels. He believes the company’s growth story remains intact, as demand for Tesla’s cars continues to outstrip supply.

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